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ARM I
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 15th November, 2010
Auction for Sale (Re-issue) of '7.17 per cent
Government Stock, 2015'
F. No. 4(3)-W & M/2010.--Government of India
hereby notifies sale (re-issue) of '7.17 per cent
Government Stock, 2015' (hereinafter called 'the Stock')
for an aggregate amount of Rs. 4,000 crore (nominal).
The sale will be subject to the terms and conditions
spelt out in this notification (called 'Specific Notification')
as also the terms and conditions specified in the General
Notification F. No. 4(13)-W & M/2008, dated October 8,
2008 issued by Government of India.
Method of Issue
The Stock will be sold-through Reserve Bank of
India, Mumbai Office, Fort, Mumbai- 400 001 in the manner
as prescribed in paragraph 5.1 of the General Notification
F. No. 4 (13)-W & M/2008, dated October 8, 2008 by a
price based auction using uniform price auction method.
Allotment to Non-competitive Bidders
The Government Stock up to 5% of the notified
amount of the sale will be allotted to eligible individuals
and institutions as per the enclosed Scheme for Non-
competitive Bidding Facility in the Auctions of
Government Securities (Annex).
Place and date of Auction
The auction will be conducted by Reserve
Bank of India, Mumbai Office, Fort, Mumbai-400 001 on
November 19, 2010. Bids for the auction should be
submitted in electronic format on the Negotiated Dealing
System (NDS) on November 19, 2010. The non-competitive
bids should be submitted between 10.30 a.m. and 11.30
a.m. and the competitive bids should be submitted between
10.30 a.m. and 12.30 p.m.
When Issued Trading
The Stock will be eligible for "When Issued"
trading in accordance with the guidelines issued by the
Reserve Bank of India.
Tenure
The Stock will be of five-year tenure commencing
from June 14, 2010. The Stock will be repaid at par on June
14, 2015.
Date of Issue and Payment for the Stock
The result of the auction shall be displayed by
the Reserve Bank of India at its Fort, Mumbai Office on
November 19, 2010. The payment by successful bidders
will be on November 22, 2010, i.e., the date ofre-issue. The
payment for the Stock will include accrued interest on the
nominal value of the Stock allotted in the auction from
the date of original issue i.e., June 14, 2010 to November
21,2010.
Interest
8. Interest at the rate of 7.17 per cent per annum will
accrue on the nominal value of the Stock from the date of
original issue and will be paid half yearly on December 14
and June 14.
By Order of the President of India
SHAKTIKANTA DAS, Jt. Secy.
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART 1—SEc. I]
behalf of all its constituents in electronic format
on the Negotiated Dealing System (NDS). Except
in extraordinary circumstances such as general
failure of the NDS system, non-competitive bid
in physical form will not be accepted.
Allotment under the non-competitive segment
to the bank or PD will be at the weighted average
rate of yield/price that will emerge in the auction
on the basis of the competitive bidding. The
securities will be issued to the bank or PD against
payment on the date of issue irrespective of
whether the bank or PD has received payment
from their clients.
In case the aggregate amount of bid is more than
the reserved amount (5% of notified amount),
pro-rata allotment would be made. In case of
partial allotments, it will be the responsibility of
the bank or PD to appropriately allocate securities
to their clients in a transparent manner.
In case the aggregate amount of bids is less than
the reserved amount, the shortfall will be taken
to competitive portion.
Security would be issued only in SGL form by
RBI. RBI would credit either the main SGL account
or the CSGL account of the bank or PD as
indicated by them. The facility for affording credit
to the main SG I:, account is for the sole purpose
of servicing investors who are not their
constituents. Therefore, the bank or PD would
have to indicate clearly at the time of tendering
the non-competitive bids the amounts (face
value) to be credited to their SGL account and
the CSGL account. Delivery in physical form from
the main SGL account is permissible at the
instance of the investor subsequently.
It will be the responsibility of the bank or the PD
to pass on the securities to their clients. Except
in extraordinary circumstances, the transfer of
securities to the clients shall be completed within
five working days from the date of issue.
The bank or PD can recover up to six paise per
Rs. 100 as brokerage/commission/service charges
for rendering this service to their clients. Such
costs may be built into the sale price or recovered
separately from the clients. In case the transfer
of securities is effected subsequent to the issue
date of the security, the consideration amount
payable by the client to the bank or PD would
also include accrued interest from the date of
issue.
9. Modalities for obtaining payment from clients
towards cost of the securities, accrued interest
wherever applicable and brokerage/commission/
service charges may be worked out by the bank
ANNEX
Scheme for Non-competitive Bidding Facility in the
Auctions of Government Securities
Scope : With a view to encouraging wider
participation and retail holding of Government Securities
it is proposed to allow participation on "non-competitive"
basis in select auctions of dated Government of India (GoI)
Securities. Accordingly, non-competitive bids up to 5 per
cent of the notified amount will be accepted in the auctions
of dated securities. The reserved amount will be within
the notified amount.
Eligibility : Participation on a non-competitive
basis in the auctions of dated GoI Securities will be open
to investors who satisfy the following :
do not maintain Current Account (CA) or
Subsidiary General Ledger (SGL) account with
the Reserve Bank of India.
Exceptions : Regional Rural Banks (RRBs) and
Co-operative Banks shall be covered under this
Scheme in view of their statutory obligations.
make a single bid for an amount not more than
Rs. two crore (face value) per auction.
3. submit their bid indirectly through any one bank
or PD offering this scheme.
Exceptions : Regional Rural Banks (RRBs) and
Co-operative Banks that maintain SGL account
and current account with the Reserve Bank of
India shall be eligible to submit their non-
competitive bids directly.
Coverage : Subject to the conditions mentioned
above, participation on "non-competitive" basis is open
to any person including firms, companies, corporate
bodies, institutions, provident funds, trusts, and any other
entity as may be prescribed by RBI. The minimum amount
for bidding will be Rs. 10,000 (face value) and thereafter in
multiples in Rs. 10,000 as hitherto for dated stocks.
Other Operational Guidelines :
The retail investor desirous of participating in
the auction under the Scheme would be required
to maintain a Constituent Subsidiary General
Ledger (CSGL) account with the bank or PD
through whom they wish to participate. Under
the Scheme, an investor can make only a single
bid in an auction of a dated security. An
undertaking to the effect that the investor is
making only a single bid will have to obtained
and kept on record by the bank or PD.
Each bank or PD on the basis of firm orders
received from their constituents will submit a
single consolidated non-competitive bid on
1-13fErg 11
31Tiff -*T ussiV : 8711%1177
5
or PD as per agreement with the client. It may be
noted that no other costs such as funding costs
should be built into the price or recovered from
the client.
Banks and PDs will be required to furnish
information relating to operations under the Scheme to
the Reserve Bank of India (Bank) as may be called for
from time to time within the time frame prescribed by the
Bank.
The aforesaid guidelines are subject to review
by the Bank and accordingly, if and when considered
necessary, the Scheme will be modified.
3f
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7
NOTIFICATION
New Delhi, the 15th November, 2010
Auction for Sale (Re-issue) of '8.08 per cent
Government Stock, 2022'
F. No. 4(3)-W & M/2010 (i).—Qovernment of India
hereby notifies sale (re-issue) of '8.08 per cent
Government Stock, 2022' (hereinafter called 'the Stock')
for an aggregate amount of Rs. 4,000 crore (nominal).
The sale will be subject to the terms and conditions
spelt out in this notification (called 'Specific Notification')
as also the terms and conditions specified in the General
Notification F. No. 4(13)-W & M/2008, dated October
8, 2008 issued by Government of India.
Method of Issue
The Stock will be sold through Reserve Bank of
India, Mumbai Office, Fort, Mumbai-400 001 in the manner
as prescribed in paragraph 5.1 of the General Notification
F. No. 4(I3)-W & M/2008, dated October 8, 2008 by a price
based auction using uniform price auction method.
Allotment to Non-competitive Bidders
The Government Stock up to 5% of the notified
amount of the sale will be allotted to eligible individuals
and institutions as per the enclosed Scheme for Non-
competitive Bidding Facility in the Auctions of
Government Securities (Annex).
Place and Date of Auction
The auction will be conducted by Reserve
Bank of India, Mumbai Office, Fort, Mumbai-400 001 on
November 19, 2010. Bids for the auction should be
submitted in electronic format on the Negotiated Dealing
System (NDS) on November 19, 2010. The non-competitive
bids should be submitted between 10.30 a.m. and
11.30 a.m. and the competitive bids should be submitted
between 10.30 a.m. and 12.30 p.m.
When Issued Trading
The Stock will be eligible for "When Issued"
trading in accordance with the guidelines issued by the
Reserve Bank of India.
Tenure
The Stock will be of fifteen-year tenure
commencing from August 2, 2007. The Stock will be repaid
at par on August 2, 2022.
Date of Issue and Payment for the Stock
The result of the auction shall be displayed by
the Reserve Bank of India at its Fort, Mumbai Office on
November 19, 2010. The payment by successful bidders
will be on November 22, 2010, i.e., the date of re-issue. The
payment for the Stock will include accrued interest on the
nominal value of the Stock allotted in the auction from
the date of last coupon payment, i.e., August 2, 2010 to
November 21, 2010.
Interest
8. Interest at the rate of 8.08 per cent per annum will
accrue on the nominal value of the Stock from the date of
last coupon payment and will be paid half-yearly on
February 2 and August 2.
By Order of the President of India,
SHAKTIKANTA DAS, it. Secy.
ANNEX
Scheme for Non-competitive Bidding Facility in the
Auctions of Government Securities
1. Scope : With a view to encouraging wider
'participation and retail holding of Government Securities
it is proposed to allow participation on "non-competitive"
basis in select auctions of dated Government of India (Gol)
Securities. Accordingly, non-competitive bids up to 5 per
cent of the notified amount will be accepted in the auctions
of dated securities. The reserved amount will be within
the notified amount.
II. Eligibility : Participation on a non-competitive
basis in the auctions of dated Gol Securities will be open
to investors who satisfy the following :
do not maintain Current Account (CA) or
Subsidiary General Ledger (SGL) account with
the Reserve Bank of India.
Exceptions : Regional Rural Banks (RRBs) and
Co-operative Banks shall be covered under this
Scheme in view of their statutory obligations.
make a single bid for an amount not more than
Rs. two crore (face value) per auction.
3. submit their bid indirectly through any one bank
or PD offering this scheme.
Exceptions : Regional Rural Banks (RRBs) and
Co-operative Banks that maintain SGL account
and current account with the Reserve Bank of
India shall be eligible to submit their non-
competitive bids directly.
HI. Coverage : Subject to the conditions mentioned
above, participation on "non-competitive" basis is open
to any person including firms, companies, corporate
bodies, institutions, provident funds, trusts, and any other
entity as may be prescribed by RBI. The minimum amount
for bidding will be Rs. 10,000 (face value) and thereafter in
multiples in Rs. 10,000 as hitherto for dated stocks.
IV. Other Operational Guidelines :
I. The retail investor desirous of participating in
the auction under the Scheme would be required
to maintain a Constituent Subsidiary General
Ledger (CSGL) account with the bank or PD
through whom they wish to participate. Under
8
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART I—Sec. 1]
the Scheme, an investor can make only a single
bid in an auction of a dated security. An
undertaking to the effect that the investor is
making only a single bid will have to obtained
and kept on record by the bank or PD.
Each bank or PD on the basis of firm orders
received from their constituents will submit a
single consolidated non-competitive bid on
behalf of all its constituents in electronic format
on the Negotiated Dealing System (NDS). Except
in extraordinary circumstances such as general
failure of the NDS system, non-competitive bid
in physical form will not be accepted.
Allotment under the non-competitive segment
to the bank or PD will be at the weighted average
rate of yield/price that will emerge in the auction
on the basis of the competitive bidding. The
securities will be issued to the bank or PD against
payment on the date of issue irrespective of
whether the bank or PD has received payment
from their clients.
In case the aggregate amount of bid is more than
the reserved amount (5% of notified amount),
pro-rata allotment would be made. In case of
partial allotments, it will be the responsibility of
the bank or PD to appropriately allocate securities
to their clients in a transparent manner.
In case the aggregate amount of bids is less than
the reserved amount, the shortfall will be taken
to competitive portion.
Security would be issued only in SGL form by
RBI. RBI would credit either the main SGL account
or the CSGL account of the bank or PD as
indicated by them. The facility for affording credit
to the main SGL account is for the sole purpose
of servicing investors who are not their
constituents. Therefore, the bank or PD would
have to indicate clearly at the time of tendering
the non-competitive bids the amounts (face
value) to be credited to their SGL account and
the CSGL account. Delivery in physical form from
the main SGL account is permissible at the
instance of the investor subsequently.
It will be the responsibility of the bank or the PD
to pass on the securities to their clients. Except
in extraordinary circumstances, the transfer of
securities to the clients shall be completed within
five working days from the date of issue.
8. The bank or PD can recover up to six paise per
Rs. 100 as brokerage/commission/service charges
for rendering this service to their clients. Such
costs may be built into the sale price or recovered
separately from the clients. In case the transfer
of securities is effected subsequent to the issue
sate of the security, the consideration amount
payable by the client to the bank or PD would
also include accrued interest from the date of
issue.
9. Modalities for obtaining payment from clients
towards cost of the securities, accrued interest
wherever applicable and brokerage/commission/
service charges may be worked out by the bank
or PD as per agreement with the client. It may be
noted that no other costs such as funding costs
should be built into the price or recovered from
the client.
Banks and PDs will be required to furnish
information relating to operations under the Scheme to
the Reserve Bank of India (Bank) as may be called for
from time to time within the time frame prescribed by the
Bank.
The aforesaid guidelines are subject to review
by the Bank and accordingly, if and when considered
necessary, the Scheme will be modified.
aiftTivir
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10
THE GAZETTE OF INDIA EXTRAORDINARY
[PART 1—SEC. 1 [
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NOTIFICATION
New Delhi, the 15th November, 2010
Audios for Sale (Re-issue) of '8.26 per cent
Government Stock, 2027'
F. No. 4 (3)-W & M/2010 (ii).
Government of
India hereby notifies sale (re-issue) of '8.26 per cent
Government Stock, 2027' (hereinafter called 'the Stock')
for an aggregate amount of Rs. 3,000 crore (nominal).
The sale will be subject to the terms and conditions
spelt out in this notification (called 'Specific Notification')
as also the terms and conditions specified in the General
Notification F. No. 4 (13)-W & M/2008, dated October
8, 2008 issued by Government of India.
Method of Issue
The Stock will be sold through Reserve Bank of
India, Mumbai Office, Fort, Mumbai- 400 001 in the manner
as prescribed in paragraph 5.1 of the General Notification
F. No. 4 (13)-W & M/2008, dated October 8, 2008 by a
price based auction using uniform price auction method.
Allotment to Non-competitive Bidders
The Government Stock up to 5% of the notified
amount of the sale will he allotted to eligible individuals
and institutions as per the enclosed Scheme for Non-
competitive Bidding Facility in the Auctions of
Government Securities (Annex).
Place and Date of Auction
The auction will be conducted by Reserve
Bank of India, Mumbai Office, Fort, Mumbai-400 001 on
November 19, 2010. Bids for the auction should
be
submitted in electronic format on the Negotiated Dealing
System (NDS) on November 19, 2010. The non-competitive
bids should be submitted between 10.30 a.m. and 11.30 a.m.
and the competitive bids should be submitted between
10.30 a.m. and 12.30 p.m.
When Issued Trading
The Stock will be eligible for "When Issued"
trading in accordance with the guidelines issued by the
Reserve Bank of India.
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11
Tenure
The Stock will be of twenty- year tenure
commencing from August 2, 2007. The Stock will be repaid
at par on August 2, 2027.
Date of Issue and Payment for the Stock
The result of the auction shall be displayed by
the Reserve Bank of India at its Fort, Mumbai office on
November 19, 2010. The payment by successful bidders
will be on November 22, 2010, i.e., the date of re-issue. The
payment for the Stock will include accrued interest on the
nominal value of the Stock allotted in the auction from
the date of last coupon payment i.e. August 2, 2010 to
November 21, 2010.
Interest
8. Interest at the rate of 8.26 per cent per annum will
accrue on the nominal value of the Stock from the date of
last coupon payment and will be paid half yearly on
February 2 and August 2.
By Order of the President of India,
SHAKTIKANTA DAS, Jt. Secy.
ANNEX
Scheme for Non-competitive Bidding Facility in the
Auctions of Government Securities
I. Scope : With a view to encouraging wider
participation and retail holding of Government Securities
it is proposed to allow participation on "non-competitive"
basis in select auctions of dated Government of India (Gol)
Securities. Accordingly, non-competitive bids up to 5 per
cent of the notified amount will be accepted in the auctions
of dated securities. The reserved amount will be within
the notified amount.
H. Eligibility : Participation on a non-competitive
basis in the auctions of dated Gol Securities will be open
to investors who satisfy the following :
do not maintain Current Account (CA) or
Subsidiary General Ledger (SGL) account with
the Reserve Bank of India.
Exceptions : Regional Rural Banks (RRBs) and
Co-operative Banks shall be covered under this
Scheme in view of their statutory obligations.
make a single bid for an amount not more than
Rs. two crore (face value) per auction.
3. submit their bid indirectly through any one bank
or PD offering this scheme.
Exceptions : Regional Rural Banks (RRBs) and
Co-operative Banks that maintain SGL account
and current account with the Reserve Bank of
India shall be eligible to submit their non-
competitive bids directly.
Coverage : Subject to the conditions mentioned
above, participation on "non-competitive" basis is open
to any person including firm's, companies, corporate
bodies, institutions, provident funds, trusts and any other
entity as may be prescribed by RBI. The minimum amount
for bidding will be Rs. 10,000 (face value) and thereafter in
multiples in Rs. 10,000 as hitherto for dated stocks.
Other Operational Guidelines :
The retail investor desirous of participating in
the auction under the Scheme would be required
to maintain a Constituent Subsidiary General
Ledger (CSGL) account with the bank or PD
through whom they wish to participate. Under
the Scheme, an investor can make only a single
bid in an auction of a dated security. An
undertaking to the effect that the investor is
making only a single bid will have to obtained
and kept on record by the bank or PD.
Each bank or PD on the basis of firm orders
received from their constituents will submit a
single consolidated non-competitive bid on
behalf of all its constituents in electronic format
on the Negotiated Dealing System (NDS). Except
in extraordinary circumstances such as general
failure of the NDS system, non-competitive bid
in physical form will not be accepted.
Allotment under the non-competitive segment
to the bank or PD will be at the weighted average
rate of yield/price that will emerge in the auction
on the basis of the competitive bidding. The
securities will be issued to the bank or PD against
payment on the date of issue irrespective of
whether the bank or PD has received payment
from their clients.
In case the aggregate amount of bid is more than
the reserved amount (5% of notified amount),
pro rata allotment would be made. In case of partial
allotments, it will be the responsibility of the bank
or PD to appropriately allocate securities to their
clients in a transparent manner.
In case the aggregate amount of bids is less than
the reserved amount, the shortfall will be taken
to competitive portion.
Security would be issued only in SGL form by
RBI. RBI would credit either the main SGL account
or the CSGL account of the bank or PD as
indicated by them. The facility for affording credit
to the main SGL account is for the sole purpose
of servicing investors who are not their
constituents. Therefore, the bank or PA would
have to indicate clearly at the time of tendering
12
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART [-SEC.
the non-competitive bids the amounts (face
value) to be credited to their SGL account and
the CSGL account. Delivery in physical form from
the main SGL account is permissible at the
instance of the investor subsequently.
It will be the responsibility of the bank or the PD
to pass on the securities to their clients. Except
in extraordinary circumstances, the transfer of
securities to the clients shall be completed within
five working days from the date of issue.
The bank or PD can recover up to six paise per
Rs. 100 as brokerage/commission/service charges
for rendering this service to their clients. Such
costs may be built into the sale price or recovered
separately from the clients. In case the transfer
of securtier is effected subsequent to the issue
date of the security, the ,consideration amount
payable by the client to the bank or PD would also
include accrued interest from the date of issue.
9. Modalities for obtaining payment from clients
towards cost of the securities, accrued interest
wherever applicable and brokerage/commission/
service charges may be worked out by the bank
or PD as per agreement with the client. It may be
noted that no other costs such as funding costs
should be built into the price or recovered from
the client.
Banks and PDs will be required to furnish
information relating to operations under the Scheme to
the Reserve Bank of India (Bank) as may be called for
from time to time within the time frame prescribed by the
Bank.
The aforesaid guidelines are subject to review
by the Bank and accordingly, if and when considered
necessary, the Scheme will be modified.
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